June 4, 2026
At this hour:
🌽Corn market is down 4-5c,
🌱soybeans are down 5-6c,
🍞wheat is down 0-1,
🛢️crude oil is down $1.43-$1.44,
💲US Dollar is down 22 points
-The USDA has confirmed New World screwworm has been confirmed in Texas. The USDA says the situation is contained and does not pose a threat to U.S> food safety or supply.
-July corn futures making a new contract low this morning while July soybeans are trading between the 100-day and 200-day moving average.
-The U.S./Iran situation continues to move forward.
-Weekly export sales will be out this morning. Here are the estimates courtesy of Reuters: corn – 1,000,000-2,100,000 metric tons, soybeans 150,000-800,000 metric tons, wheat 100,000-600,000 metric tons and soybean meal 200,000-600,000 metric tons.
-U.S. weather forecasts still look nearly ideal for crop development.
🐂🐻 Look for a mostly lower trade here for Thursday.
Support/Resistance:
July corn – Support on July corn is at $4.33 1/2 which is the low from January 15th. Resistance is at $4.48 which is the 10-day moving average.
December corn – Support comes in at $4.45 1/4 which is the low from January 14th. Resistance comes in at $4.68 1/2 which is the 200-day moving average.
July soybeans – Support comes in at $11.37 which the 200-day moving average. Resistance is at $11.67 1/2 which is the 100-day moving average.
November soybeans – Support is at $11.40 3/4 which is the 100-day moving average. Resistance is at $11.70 3/4 which is the 50-day moving average.
July Kansas City wheat – Support is at $6.21 1/2 which is the 100-day moving average. Resistance comes in at $6.56 which is the 10-day moving average.
Where do we go from Here:
The money flow continues to exit the commodity markets. The USDA confirmation of New World screwworm in Texas is putting in more panic selling in all grain complexes this morning. The issue I have with the panic selling is we have known about the New World screwworm for a while and the USDA has been getting prepared for it to hit the U.S. The USDA said the situation is contained and there is no threat to the U.S. food safety or supply chain so this panic selling in my eyes is getting a bit overdone here this week. The facts are still the U.S. needs to grow a crop this year, and we have a lot of weather and growing season to get through yet. The markets like to take us higher than we should and lower than we should and this feels like we are getting a bit too low this early in the season. The trend is still down so until we can stabilize and break that downtrend, we must respect the trend.
Soybeans a lower this morning following suit with the commodity selloff. Strong crush margins and demand have been keeping soybeans a bit more supported, but we are seeing July soybeans breakdown through support levels. The 200-day moving average is the next big area of support for July soybeans and if we cannot hold there, then we might see July soybeans head down to $11.00 to $11.20 area. The 2-week weather forecast for the U.S. looks good but we all know we make or break the U.S. soybean crop in August. The soybean market, like other ag markets, is oversold and due for a correction but the trend is still down.
July Kansas City wheat futures are down struggling with the 100-day moving average. Yesterday, we probed below the 100-day moving average support level but managed to close above it. Now this morning we are testing it again. July Kansa City wheat is back in a consolidation area we traded in back in March and early April. After selling off over $1.30 and now back into this consolidation range between $6.10 and $6.40, I could see July Kansas City wheat stabilize and grind sideways.
